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Insurance question...

Discussion in 'The Lounge' started by 79k20350, Oct 31, 2006.

  1. 79k20350

    79k20350 3/4 ton status

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    Ok guys got a question about insurance for y'all... Right now im under my fathers insurance. Ive been getting insurance qoutes for new vechicles and im looking at paying around 500 a month:eek1: (while still under his plan) This is because his insurance has very high coverages (because he owns a home) If i was to go under my own insurance it would actually go down to like 275 (with lower coverages, i dont have assests to protect...:rolleyes:) He doesnt want me to do it because if i was to get into an accident he fears that they can still come after him/ our home. Is this the casem i forgot to ask my agent today. If it matters im 19, live at home with my dad and step mom. Thanks guys!
     
  2. newyorkin

    newyorkin 1 ton status

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    Holy crap!! Whadja, drive through a mall one day or something???



    Think about it this way, if you lived in an apartment, would someone you crashed into be able to take away your landlords house?
     
  3. 79k20350

    79k20350 3/4 ton status

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    Thats how i was thinking of it but he doesnt want to listen. i have not gotten a chance to talk to the agent first hand yet so idk.

    One more detail, dont know if this changes things or not. He is going to cosign for me on the truck. This mean im not sure if he has to co register... ill check the dmv site. If he does that mean he has to be insured for it too right? If he doesnt have to register, he is still involved with the loan, could it still come bakc to bite him if i was to get in an accident that way?
     
  4. 79k20350

    79k20350 3/4 ton status

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    im 19 and have 1 at fault accident...:o
     
  5. newyorkin

    newyorkin 1 ton status

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    I think if he's co-signed, he's considered part owner...? That might make him liable if you got sued above your insurance coverage and your own ability to pay.
     
  6. 79k20350

    79k20350 3/4 ton status

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    Thats quite possible. I have taken that into consideration. The thing is though, he wants me to keep these coverages even if i buy a vechicle, without him...in that sence i think hes off...
     
  7. newyorkin

    newyorkin 1 ton status

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    Yeah, I would too.
     
  8. 4by4bygod

    4by4bygod 1/2 ton status

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    If you have your own seperate insurance policy, and get into a wreck, your dads house is safe. the "available assets" that could be gone after would be limited to the amount of your policy coverage. they can't take what you don't own.

    Having my own insurance when I got my drivers license was mandatory, just for that reason. my older siblings were idiots and wrecked everything they drove, and dad slept soundly knowing his house was safe while their policies became high risk and cost them a fortune...I was subject to the same rule, and I'll also say that having my own policy since the age of 16 gives me some great long term customer discounts..

    If your dad co - signs a car loan for you, then yes, a court may consider him liable as an owner of said vehicle. that's how injury lawyers are able to sue the company that provided the company car driven by the employee who caused an accident.. that health insurance plan is ripe for the picking, all becasue the company name is on the title.

    If your dad wants to help, have him give you cash and you use it to pay on your own policy and vehicle loans..that way, if the worst happens, he doesn't stand to lose everything.

    Tom
     

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